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My property taxes have stayed pretty much the same, even though or home has gone up significantly in value and was recently reassessed. Yay! My HO insurance however went up about 40% this year. It wasn't that high to begin with, but 40% is a lot. Time to check out those coverages I think.
Our property taxes have gone up about 10% total since we moved here in 2017 (including a reassessment in 2021). So I can't complain too much about that. We pay both city and county taxes.
Our homeowners insurance went up about 17% for 2024
Thank you to all of the respondents here. Digging into the details of several states is quite a lot of work, and the rules can be difficult to understand in some cases. This thread gives a good starting point, confirming some of my current understanding plus adding new information.
Arizona freezes property valuations for those 65 and older.
Valuation may be frozen but the millage rate can be increased so property taxes can and do go up. There is also an income qualifier, so the freeze is not available to people with incomes over $44K ($55K for couples).
It’s a nice gesture, but in reality it offers little relief from the greedy taxman.
I'm considering buying a second home in San Antonio, Texas which is near family. What has got me thinking twice about it are the high property taxes in Texas. Texas does not have an income tax, but funds government with high property taxes. Taxes on a $300,000 home are over $7K.
Local government costs money. I personally would prefer that it be funded from an income tax than from these property taxes. Property taxes continue whether one is earning a high salary or not. Income taxes are totally income dependent.
I'm considering buying a second home in San Antonio, Texas which is near family. What has got me thinking twice about it are the high property taxes in Texas. Texas does not have an income tax, but funds government with high property taxes. Taxes on a $300,000 home are over $7K.
Local government costs money. I personally would prefer that it be funded from an income tax than from these property taxes. Property taxes continue whether one is earning a high salary or not. Income taxes are totally income dependent.
That's because a property tax is a WEALTH tax. Wealth taxes are pernicious and have numerous negative consequences.
I'm considering buying a second home in San Antonio, Texas which is near family. What has got me thinking twice about it are the high property taxes in Texas. Texas does not have an income tax, but funds government with high property taxes. Taxes on a $300,000 home are over $7K.
Local government costs money. I personally would prefer that it be funded from an income tax than from these property taxes. Property taxes continue whether one is earning a high salary or not. Income taxes are totally income dependent.
That is not bad for Texas. You may want to dig a bit deeper into the various components of that tax.
In Idaho, under specific conditions, it is possible for a senior to defray property taxes on their residence until they die. At that time, all past property taxes are due.
Many long-timers in Idaho complain about high property taxes. Coming from California, I will never complain about my property tax in Idaho. My current amount is about a quarter what I was paying in California seven years ago.
In Idaho, under specific conditions, it is possible for a senior to defray property taxes on their residence until they die. At that time, all past property taxes are due.
Many long-timers in Idaho complain about high property taxes. Coming from California, I will never complain about my property tax in Idaho. My current amount is about a quarter what I was paying in California seven years ago.
That has the potential to be an unpleasant surprise for the heirs, with the potential for the unpaid property taxes to be greater than the value of the estate.
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